Import/Export Industry Notifications

Merchandise exports mounted a record 196% year-on-year in April, driven mainly by a good base, as the country had witnessed a Covid-induced lockdown throughout April last year. However, what comes as a pleasant surprise is that even in absolute terms, exports in April stood at $30.6 billion, up almost 18% from the same month in 2019 (before the pandemic struck).

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JNPT on Saturday said it has planned to sail out all the vessels at berth by 11.00 pm on May 15, while all inward shipping movements will remain suspended till easing of weather conditions as part of various mitigating following a cyclone warning.

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Services exporters have requested the government to release benefits under a key scheme for FY20 at the earliest, as the sector has been gasping for liquidity in the wake of the Covid-19 pandemic. The SEIS was introduced in the Foreign Trade Policy (FTP) for 2015-20; the validity of the FTP has now been extended up to September 2021.

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95 trucks carrying various items of goods entered Bangladesh from India, while 42 trucks of goods entered India from Bangladesh this morning to noon, sources at the Benapole Port said. Import and export between Bangladesh and India through Benapole land port resumed on 16th May 2021 after closure for three days on the occasion of Eid-ul-Fitr, the largest religious festival of Muslims.

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After a gap of three years, India, the largest pulses producer and consumer of pulses globally, has opened up the import of tur, moong, and udid as the Union ministry of commerce changed these three pulses from restricted to open category. Traders and importers have welcomed the move; however, millers and farmers are surprised by the decision to suppress the prices.

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The Jawaharlal Nehru Port Trust (JNPT) has suspended vessel berthing at Nhava Sheva port, anticipating cyclone Tauktae by late Saturday night, and instructed ships at berth to sail out. Industry executives said they expect berthing at Nhava Sheva port--the country’s busiest seaport—to remain suspended for at least the next two days, which could delay schedules for shipping lines.

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India is yet to enforce the award of $7.16 million awarded by an arbitral tribunal in September 2018 against French shipping firm Louis Dreyfus Armateurs SAS relating to a failed cargo terminal contract at state-owned Kolkata Port Trust (now Syama Prasad Mookherjee Port Trust).

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India's garment industry saw its textile and apparel exports drop by nearly 13 percent in the last year. Data from the Cotton Textiles Export Promotion Council shows textile and apparel exports for April 2020 to March 2021 year were down 12.99% to US$24.45bn from $33.85bn a year earlier.

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A few of the Indian ports are feared to face shutdowns amidst the country's overwhelming wave of COVID-19 cases, including significant ports handling shipments from China. Chinese logistics companies worry that the suspended operations might cause further delays in emergency medical equipment and cargo shipments.

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